Greystone Provides $47M for Twin Cities Senior Housing Portfolio
The portfolio spans five communities across the Minneapolis–St. Paul area.
Greystone has provided a $46.7 million bridge-to-HUD refinancing loan for a five-property, 153-bed senior housing portfolio of communities located in Twin Cities, Minn.
The funds also include existing bond debt with a 24-month, interest-only bridge structure, positioning the portfolio for permanent HUD financing. It also includes two six-month extension options.
The properties comprise assisted living and memory care facilities in the Minneapolis–St. Paul area.
This bridge financing comes as the demand outpaces supply in the sector, with occupancy at 89.1 percent at the end of 2025, according to NIC MAP. There is also a financing gap for senior housing, following a withdrawal of banks from the sector. This has led private lenders, private equity and REITs to bridge that gap for construction and asset stabilization.
An established team
Greystone Managing Directors David Young Directors Chris Clare and Ryan Harkins origninated the financing, working alongside Director Ben Rubin, Associate Parker Nielsen and Production Analyst Liam Gallagher.
This is not the first time the team facilitated a senior housing bridge financing for a Minnesota portfolio. In April 2025, the group originated a similar transaction for Oxford Capital Group totaling $41 million.
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The loan went toward the acquisition of six assisted living facilities totaling 372 beds in northern Minnesota and the Minneapolis area. The assets were part of a larger 11-property portfolio acquired from Carefree Living, which included communities such as Carefree Living Burnsville, Carefree Living St. Cloud and Carefree Living Brainerd.
The Greystone financing allowed Oxford to close the acquisition while pursuing permanent HUD financing.
Greystone’s recent lending activity
Greystone’s lending extends beyond the senior housing sector, providing bridge financing for other property types across the nation. In January, the firm provided $145 million for a 315-unit project in New Rochelle, N.Y. The financing package consists of a $125.8 million bridge loan and $19.5 million in preferred equity.
Late last year, Greystone also provided a $114.5 million bridge loan to Iris Holding Group for a 753-unit affordable housing portfolio in Queens, N.Y. Known as the State Preservation Portfolio, the loan was used for the acquisition and rehabilitation across the properties.
In October, Greystone closed its eighth commercial real estate CLO as well with $451.6 million. The collateralized loan offering was backed by 46 senior housing properties including assisted living, memory care and independent living communities.
